With plenty of room for development, along with an optimistic signal in economic recovery, the real estate market in Da Nang, especially in the southern part in particular, is expected to gradually prosper at the end of 2021 and the first quarter of 2022. Especially recently, that a bridge and its approach roads crossing over the Co Co River have opened to traffic is expected to create a driving force to boost connections in the regional transport infrastructure.

Striking view of the new bridge spanning over the Co Co River seen from the Bai Dai Bridge. Photo: THANH LAN

According to Nguyen Tan Thuong, Director of Nguyen Da Real Estate Joint Stock Company, said that from April 2019 to January 2020, the value of real estate in Da Nang decreased by 20 - 30%. Before COVID-19 first appeared in Da Nang in 2020, the value of real estate in this area had plunged by further 20 - 25%.

Entering early 2021, the market began showing signs of light recovery. The current fourth wave of COVID-19 has not affected the value of real estate and the market just recorded low liquidity.

For the time being, the market is sending out positive signals as transactions start to rebound, thereby creating momentum for a new development phase with the expectation of a much stronger boom in 2022.

In the new normal, along with the national government's approval on allowing Da Nang, Kien Giang, Khanh Hoa, Quang Ninh and Quang Nam to welcome international tourists, it is hoped that this will contribute to promoting the recovery of the real estate market, and tourism properties in particular.

The project of building a bridge and its approach roads crossing over the Co Co River, one of the city’s key projects, is dubbed as the driving force and the main traffic axis connecting the city centre and the Da Nang International Airport with new urban centres in Cam Le and Ngu Hanh Son districts, coastal resorts and tourist complexes to the southeast of Da Nang and Hoi An City in Quang Nam Province, thus promoting the city’s socio-economic development in the direction of a sea-based economic hub in Viet Nam.

This project helps connect the continuous traffic axis from the Da Nang International Airport with Hoi An, especially creating a ‘seaward’ axis for residential areas in the southern part of Da Nang.

Also thanks to the project, residents living in the FPT and the Hoa Xuan urban areas  find it convenient in terms of travel to access beaches.

Satellite areas such as riverside urban areas, sea-facing residential places, the Da Nang University Village, Dien Ban Town and Hoi An city will also benefit from the project as well.

Along with that, the project of dredging the 25 km-long Co Co River is being implemented by Da Nang and Quang Nam, hailed as a new breakthrough for socio-economic progress of the two neighbouring localities.

The dredging of the river work as part of a project to develop a waterway route connecting two of Central Viet Nam’s most well known tourist destinations for driving their local tourism development.

With regard to overall riverbank landscape designs, heed will be paid to expanding community connectivity, developing inland waterway tourism, launching diverse activities to satisfy growing demand of both locals and tourists, upgrading transport infrastructure, and speeding up adaptation to climate change.

This waterway project is expected to showcase such features as tourists boats, bridges, wharves and recreational centres, rest stops, parking lots, food and souvenir shops, emerging as alternatives to exploring Da Nang and Hoi An by car or motorbike as currently.

Catching up with this investment trend, high-quality international hospital projects with a total area of more than 100,000m² will take the shape in the coming time, and the FPT urban area is taking advantage of the potential for infrastructure development, with the idea of harmoniously combining modern technologies and nature.

Mr. Nguyen Duc Lap, the Director of Da Nang Real Estate Research Institute believes that when COVID-19 is well controlled, the real estate market in this area will make a prosperous and breakthrough.

Accordingly, the infrastructure push is viewed as a favourable factor for the city’s development; however, in terms of planning, the city must build up a common vision, specifically improving the quality of infrastructure, effectively exploiting land resources in tandem with creating high added value properties.

Reporting by PHUONG UYEN – Translating by A. THU